FTSM vs. PIMIX
FTSM (First Trust Enhanced Short Maturity ETF) and PIMIX (PIMCO Income Fund Institutional Class) are both funds - FTSM is a Ultrashort Bond fund actively managed by First Trust, while PIMIX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 10 years, FTSM returned 2.57%/yr vs 4.72%/yr for PIMIX. At a 0.27 correlation, their price movements are largely independent. FTSM charges 0.44%/yr vs 0.54%/yr for PIMIX.
Performance
FTSM vs. PIMIX - Performance Comparison
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Returns By Period
In the year-to-date period, FTSM achieves a 1.59% return, which is significantly higher than PIMIX's 1.00% return. Over the past 10 years, FTSM has underperformed PIMIX with an annualized return of 2.57%, while PIMIX has yielded a comparatively higher 4.72% annualized return.
FTSM
- 1D
- -0.01%
- 1M
- 0.22%
- YTD
- 1.59%
- 6M
- 1.73%
- 1Y
- 4.09%
- 3Y*
- 4.83%
- 5Y*
- 3.49%
- 10Y*
- 2.57%
PIMIX
- 1D
- 0.09%
- 1M
- 1.19%
- YTD
- 1.00%
- 6M
- 1.60%
- 1Y
- 7.88%
- 3Y*
- 7.73%
- 5Y*
- 3.58%
- 10Y*
- 4.72%
FTSM vs. PIMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 1.59% | 4.66% | 5.22% | 5.12% | 1.02% | -0.01% | 1.12% | 2.82% | 1.94% | 1.57% |
PIMIX PIMCO Income Fund Institutional Class | 1.00% | 11.08% | 5.45% | 9.36% | -9.07% | 2.62% | 5.84% | 8.10% | 0.63% | 8.63% |
Correlation
The correlation between FTSM and PIMIX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2014 | 0.27 |
Over the past year, FTSM and PIMIX have become more correlated (0.60) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
FTSM vs. PIMIX — Risk / Return Rank
FTSM
PIMIX
FTSM vs. PIMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Short Maturity ETF (FTSM) and PIMCO Income Fund Institutional Class (PIMIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FTSM | PIMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.56 | ||
| Sortino ratioReturn per unit of downside risk | +16.64 | ||
| Omega ratioGain probability vs. loss probability | 4.15 | 1.37 | +2.78 |
| Calmar ratioReturn relative to maximum drawdown | 35.13 | 2.15 | +32.98 |
| Martin ratioReturn relative to average drawdown | 172.78 | 7.27 | +165.52 |
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Drawdowns
FTSM vs. PIMIX - Drawdown Comparison
The maximum FTSM drawdown since its inception was -4.12%, smaller than the maximum PIMIX drawdown of -13.39%. Use the drawdown chart below to compare losses from any high point for FTSM and PIMIX.
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Drawdown Indicators
| FTSM | PIMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -13.39% | +9.27% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -3.69% | +3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -0.15% | -3.84% | +3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -0.65% | -13.34% | +12.69% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -13.39% | +9.27% |
Current DrawdownCurrent decline from peak | -0.02% | -0.93% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -1.69% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 1.09% | -1.07% |
Volatility
FTSM vs. PIMIX - Volatility Comparison
The current volatility for First Trust Enhanced Short Maturity ETF (FTSM) is 0.17%, while PIMCO Income Fund Institutional Class (PIMIX) has a volatility of 1.42%. This indicates that FTSM experiences smaller price fluctuations and is considered to be less risky than PIMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTSM | PIMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 1.42% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.37% | 3.39% | -3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 4.17% | -3.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.50% | 4.86% | -4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 4.26% | -3.38% |
FTSM vs. PIMIX - Expense Ratio Comparison
FTSM has a 0.44% expense ratio, which is lower than PIMIX's 0.54% expense ratio.
Dividends
FTSM vs. PIMIX - Dividend Comparison
FTSM's dividend yield for the trailing twelve months is around 4.15%, less than PIMIX's 5.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSM First Trust Enhanced Short Maturity ETF | 4.15% | 4.28% | 4.91% | 4.62% | 1.62% | 0.39% | 1.20% | 2.38% | 2.14% | 1.49% | 1.03% | 0.48% |
PIMIX PIMCO Income Fund Institutional Class | 5.83% | 6.01% | 6.27% | 6.21% | 4.98% | 4.02% | 4.88% | 5.83% | 5.66% | 5.37% | 5.52% | 7.88% |
Frequently Asked Questions
FTSM and PIMIX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIMIX has higher volatility (1.42%) compared to FTSM (0.17%). In terms of maximum drawdown, FTSM dropped -4.12% vs PIMIX's -13.39%.
FTSM currently has the higher Sharpe Ratio (8.47 vs 1.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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